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Major Trading Company Subsidiary Signs Battery Supply Deal

AllPennyStocks.com - AllPennyStocks.com - Mon Apr 29, 12:04PM CDT

This company focuses on developing solutions for modern transportation and infrastructure, leveraging the expertise and network of the Sumitomo Corporation Group to achieve this goal and shares of this dually-listed company are trading up on a recent announcement. 

Electrovaya, a company that develops and manufactures lithium-ion battery technology (NASDAQ:ELVA) (TSX:ELVA), signed a supply agreement with Sumitomo Corporation Power & Mobility (SCPM), a subsidiary of the giant trading company Sumitomo Corporation. This deal will initially focus on providing battery modules to top Japanese construction equipment manufacturers, and the agreement may also be used for future contracts.  

Dr. Raj DasGupta, CEO of Electrovaya, said this, “We are very pleased with the growing relationship with Sumitomo Corporation Power and Mobility and are excited about the opportunities that we are jointly working towards.”




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